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The South Korean government is preparing to introduce a bill aimed at monitoring and freezing North Korean cryptocurrency and virtual assets used to finance illicit weapons programs, according to multiple government sources.

An earlier version of this bill was initially announced by the National Intelligence Service (NIS) in November but was sent back for further revision by President Yoon Suk Yeol. The President requested the inclusion of “practical measures to bolster national security,” as revealed by anonymous administration insiders in conversation with the JoongAng Ilbo.

This revised bill follows 10 months of consultations between various South Korean government ministries, intended to strengthen the existing sanctions against North Korea.

Addressing Cybersecurity Concerns

A top government official, who wished to remain anonymous, stated that the new bill shows the president’s belief that South Korea’s online security needs urgent improvement. This decision comes after the previous administration, led by Moon Jae-in, didn’t pay enough attention to this issue to avoid upsetting North Korea.

The updated bill has measures to track and stop North Korea from using stolen virtual coins and cryptocurrency, which they got through hacking. The original bill from the National Intelligence Service (NIS) didn’t have these measures.

South Korean intelligence found that North Korea stole a huge amount, about 1.7 trillion won (around $1.28 billion), worth of Bitcoin and Ethereum in 2022 by hacking.

Laundered Assets and Escalating Tensions

Representative Yoon Han-hong of the conservative People Power Party (PPP) highlighted during the National Assembly’s government audit that around $52.46 million in virtual assets from North Korean hacking groups’ crypto wallets had likely been laundered after entering South Korean cryptocurrency exchanges over the past four years.

Recent data from blockchain analysis company Chainalysis reveals that North Korean hackers have stolen more than $3 billion over the last five years. This significant financial gain has coincided with a surge in missile tests by the North Korean regime, which conducted over 90 cruise and ballistic missile launches in the previous year, including a successful solid-fuel intercontinental ballistic missile test in April.

Cyberattacks Funding North Korea’s Missiles

Around half of North Korea’s missile program has been funded through cyberattacks and cryptocurrency theft, according to Anne Neuberger, the U.S. deputy national security adviser for cyber and emerging technology, as of May. UN Security Council sanctions experts have previously accused North Korea of using cyberattacks to finance its nuclear and missile programs.

Enhanced Cybersecurity Measures

In addition to the new cybersecurity bill, the Yoon administration plans to establish a national cybersecurity committee directly under the president’s control. This committee, led by the chief of the National Security Office and including the NIS director as a member, will have the authority to prohibit the manufacturing, importing, and sale of products that interfere with cybersecurity.

The NIS conducted an investigation in April to determine if government ministries and public institutions were inadvertently using information technology products subject to sanctions, with a particular focus on products from Chinese and Russian companies like Huawei.

These measures represent South Korea’s efforts to bolster its online defenses against foreign hacking attempts.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Blockchain #Bitcoin #CryptoNews #cryptomarket #SouthKorea

South Korea's largest pension fund recently made a substantial investment in the US crypto exchange Coinbase.During the third quarter of 2023, the NPS acquired 282,673 shares of Coinbase stock for $20 million.With Coinbase shares soaring to approximately $96.92 per share, the NPS is currently profiting from its investment.The NPS' decision to invest in Coinbase underscores the increasing acceptance of crypto among governmental and institutional investors.This move by the NPS follows Virginia's investment of around $35 million in VanEck's New Finance Income Fund back in 2019, making it clear that pension funds are gradually embracing crypto investments.

A noticeable trend has emerged, especially within Asian countries, regarding the adoption and investment in cryptocurrency.
Recent reports highlight South Korea's latest move, as the country has significantly invested in a major US-based crypto company.
Here's a breakdown of the details:
South Korea's Investment in Coinbase Surpasses $5 Million According to recent information, the National Pension Service (NPS), South Korea's largest pension fund, has made a substantial investment in the US market.
In the third quarter of 2023, the Korean NPS allocated $20 million to purchase 282,673 shares of Coinbase, as disclosed in their filing with the US SEC.
Positive Returns on Investment for South Korea The NPS entered the market at approximately $70 per share and is currently experiencing around a 40% profit, with Coinbase shares rallying to about $96.92 per share at the time of writing.
This valuation places the NPS’ investment at over $25 million.
Crypto-Friendly Regulations in South Korea With assets exceeding $800 billion, the NPS stands as the third-largest pension fund globally.
Managing the retirement savings of millions of South Koreans, the recent investment in Coinbase signals the increasing acceptance of crypto among governmental and institutional investors.
This move by the NPS isn’t unique, as other pension funds have also ventured into the crypto space.
In 2019, Virginia invested around $35 million in VanEck’s New Finance Income Fund, which encompassed crypto-related companies such as Coinbase, Bakkt, and ErisX.
However, a setback hit the Fairfax County pension funds when one of their investments, Genesis, filed for bankruptcy in October 2023, triggering a wave of asset liquidation.
The Growing Global Trend of Crypto Adoption Despite the associated risks, institutional investors such as pension funds, hedge funds, and endowments continue to be drawn to the crypto industry.
A survey conducted by Fidelity Digital Assets revealed that 36% of institutional investors in the US and Europe own crypto or derivatives.
The survey also indicated that 80% of investors are attracted to crypto due to factors such as high potential returns, low correlation to other assets, and its innovative technology.
The NPS’s investment in Coinbase mirrors the expanding trend of institutional involvement in crypto. South Korea, alongside other Asian nations, is leading the way in embracing the crypto sector.
As more institutional investors enter the crypto space, the industry is poised to mature and expand further.
Disclaimer: While Voice of Crypto aims to provide accurate and current information, it cannot be held responsible for any missing facts or inaccuracies. Cryptocurrencies are highly volatile financial assets; therefore, it is advisable to conduct thorough research and make informed financial decisions.
#SouthKorea #crypto2023 #cryptocurrency

Victory for the Bitcoin-friendly opposition party in South Korea! 🇰🇷 They plan to allow investors to buy Bitcoin ETFs, marking a significant step towards mainstream crypto adoption.
Stay tuned for exciting developments

#Crypto #SouthKorea
$BTC

In a move towards greater transparency and accountability, candidates from South Korea's Democratic Party have announced their commitment to disclosing their cryptocurrency holdings to the public. As the crypto landscape continues to evolve, this decision reflects a proactive approach to address concerns related to potential conflicts of interest and to foster trust among the electorate.

Era of Digital Assets
South Korea has been a prominent player in the global cryptocurrency market, with a significant portion of the population actively engaged in digital asset investments. Against this backdrop, political figures recognizing the need to disclose their crypto holdings signals a broader acknowledgment of the growing influence and relevance of digital assets in contemporary society.

Addressing Transparency Concerns
Cryptocurrency investments have often been a topic of debate and scrutiny, given the decentralized and sometimes opaque nature of these digital assets. By voluntarily disclosing their crypto holdings, Democratic Party candidates aim to provide voters with a clear understanding of their financial interests, fostering a sense of transparency and openness.

Mitigating Conflicts of Interest
With the crypto market becoming increasingly intertwined with traditional financial systems, concerns about potential conflicts of interest have emerged. Democratic Party candidates' commitment to disclosing their crypto bags is a proactive measure to allay fears and showcase a commitment to serving the public's interest without personal financial motives.

Building Trust in Political Leadership
Transparency is a cornerstone of effective governance, and the decision to disclose cryptocurrency holdings aligns with the broader global trend of elected officials being more forthcoming about their financial interests. This move is likely to enhance trust in the democratic process and demonstrate a commitment to ethical conduct among political leaders.

Setting a Precedent
South Korea's Democratic Party candidates' decision to disclose their crypto holdings sets a precedent for political figures worldwide. As digital assets become more mainstream, other nations may follow suit, recognizing the importance of fostering trust and transparency in the political arena.

South Korea's Democratic Party candidates' commitment to disclosing their cryptocurrency holdings is a significant step towards a more transparent and accountable political landscape. In an era where digital assets play an increasingly vital role in the global economy, this move sets a positive example for political leaders worldwide, emphasizing the importance of openness and integrity in the evolving intersection of politics and finance.

#Crypto #Politics #BTC #SouthKorea #NoodleNews
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The South Korean government is preparing to introduce new regulations to increase transparency and improve accounting standards in the cryptocurrency sector. Under these new regulations, all companies will be required to report their digital assets. The Financial Services Commission (FSC) of South Korea announced the draft law, stating that it aims to enhance accounting transparency for companies involved in crypto transactions. #FSC

A More Transparent Crypto Sector:

According to the draft law announced by the Financial Services Commission (FSC), all companies that hold digital assets will be required to disclose them. The FSC stated that this regulation aims to provide greater transparency in accounting for companies' crypto transactions. The new regulations include revising the accounting treatment guidelines for virtual asset transactions and introducing accounting standards that require disclosure. #SouthKorea

Reporting Obligation for Employees and Public Officials:

The obligation set by the FSC also includes reporting of crypto assets by internal employees. Individuals working in positions related to the FSC are required to declare their digital assets under the Financial Information Act. This requirement applies to those involved in the cryptocurrency sector and those who have engaged in cryptocurrency transactions within the past six months.

Furthermore, government officials are also required to disclose their crypto assets. This requirement emerged following allegations of market manipulation by public officials and their influence on cryptocurrency prices in the region. Government officials aim to increase transparency and establish trust by disclosing their crypto assets.

Comprehensive Regulations:

The draft law specifies that the "crypto" assets to be reported include all tradable digital assets that operate and are issued through blockchain or distributed ledger technology. This encompasses assets created using cryptography, such as Bitcoin (BTC), Ether (ETH), and security tokens. #regulations

The new accounting guidelines will be implemented immediately, and the disclosure law will come into effect from the beginning of 2024. The purpose of these regulations is to enhance transparency, build trust, and maintain financial stability in the cryptocurrency sector in South Korea.

In Summary:

The South Korean government is implementing new and stringent regulations to enhance transparency in the cryptocurrency sector. The new bill requires all companies holding digital assets to report their accounting transactions. Additionally, internal employees and government officials are obligated to disclose their crypto assets. These regulations aim to increase transparency, establish trust, and ensure financial stability in the cryptocurrency sector. With the implementation of these new regulations, South Korea aims to create a more reliable environment in its cryptocurrency industry.

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The National Tax Service announced that 1,432 individuals and companies have reported their overseas crypto asset accounts.

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South Korea’s tax agency revealed that this year, taxpayers declared overseas cryptocurrency assets worth a total of 130.8 trillion won ($98.5 billion).

This reporting requirement was initiated by the country in 2023. A total of 1,432 individuals and companies complied with the reporting rule.

Korean nationals with assets exceeding 500 million won, including cryptocurrencies, in foreign accounts are obligated to declare their holdings. The declared overseas crypto assets accounted for 70.2% of the total reported foreign assets.

New Law

In June, South Korean lawmakers approved 19 bills aimed at enhancing the protection of cryptocurrency investors. These bills grant regulatory authority to the Financial Services Commission and the Bank of Korea to supervise cryptocurrency operators and asset custodians. Additionally, they empower authorities to impose penalties for unfair virtual asset trading.

In July, the Financial Services Commission (FSC) announced upcoming requirements for domestic companies to disclose their cryptocurrency holdings starting next year. These new accounting rules will also mandate cryptocurrency issuers to provide information such as token specifics, business models, and internal accounting policies.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #CryptoNews #cryptomarket #SouthKorea

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The government of Busan, South Korea’s second-largest city, has announced its plans for the exchange’s initial focus, which will involve the trading of tokenized commodities.

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The city government of Busan, South Korea’s second-largest city, has announced its plan to establish a digital assets exchange. The official business launch is targeted for the first half of the next year, with the exchange initially focusing on the trading of tokenized commodities on a blockchain rather than listing cryptocurrencies.
The government intends to begin the public offering process next month, select a business operator in November, and register the exchange as a private company. The venture will be funded solely by private capital, with additional administrative and financial support from the city.Additionally, Busan plans to create a 100 billion won ($75 million) fund to foster blockchain technology development. (according to local media News1)
Becoming a “Blockchain City”
Busan is working to transform itself into a “blockchain city” by developing its own mainnet. This mainnet aims to be compatible with major blockchain networks like Ethereum and Cosmos, making it a hub for blockchain technology.In August 2022, Binance, the world’s largest cryptocurrency exchange, joined forces with Busan. Their agreement involves assisting Busan in building its blockchain infrastructure and promoting cryptocurrency adoption and business growth in the city.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #CryptoNews #cryptomarket #SouthKorea #DigitalAssets

Introduction

South Korea, a global hub for cryptocurrency innovation, is once again at the forefront of shaping the regulatory landscape. In a significant move that highlights the country's commitment to transparency and accountability, South Korea has announced plans to enforce rules mandating companies to disclose their cryptocurrency holdings in their financial statements starting next year. This groundbreaking initiative not only demonstrates South Korea's proactive approach to embracing the digital asset ecosystem but also sets a powerful precedent for other nations to follow. In this article, we explore the implications of this regulatory development and its potential impact on the cryptocurrency industry.

Enhancing Transparency and Investor Confidence

The decision to require companies to disclose their cryptocurrency holdings in financial statements is a crucial step towards enhancing transparency and investor confidence. With the cryptocurrency market gaining mainstream recognition, investors deserve clear insights into a company's exposure to digital assets. By mandating disclosure, South Korea aims to provide a level playing field and enable investors to make informed decisions based on accurate financial information. This move is expected to bolster trust in the market and strengthen the overall integrity of the cryptocurrency ecosystem.

Closing the Regulatory Gap

Cryptocurrencies have often operated within a regulatory gray area, with rules and guidelines varying across jurisdictions. South Korea's proactive approach in introducing clear guidelines for disclosure of crypto holdings addresses this regulatory gap head-on. By implementing these rules, South Korea sets a progressive precedent, encouraging other nations to adopt similar measures. This harmonization of regulations can bring stability and clarity to the global cryptocurrency market, fostering innovation while safeguarding investors' interests.

Promoting Institutional Adoption

The mandatory disclosure of crypto holdings also paves the way for increased institutional adoption of digital assets. Institutions, including banks and traditional financial entities, have often been cautious about entering the cryptocurrency space due to concerns about transparency and regulatory oversight. With South Korea's new rules in place, institutional investors are likely to gain more confidence, leading to increased participation and potentially driving further growth in the cryptocurrency market. This development marks a significant milestone towards bridging the gap between traditional finance and the emerging digital asset class.

Regulatory Compliance and Market Integrity

South Korea's move aligns with its broader efforts to ensure regulatory compliance and maintain market integrity. The cryptocurrency industry has witnessed instances of fraudulent activities and market manipulation, leading to significant risks for investors. By enforcing disclosure requirements, South Korea aims to deter illicit practices, promote responsible behavior, and safeguard market participants. This initiative underscores the importance of responsible regulation in fostering a sustainable and trustworthy cryptocurrency ecosystem.

Impact on Global Regulatory Landscape

South Korea's decision to enforce disclosure rules for crypto holdings sets a precedent that could influence other countries' regulatory frameworks. As nations observe the positive impact of increased transparency and investor protection, they may be prompted to adopt similar measures. This harmonization of regulations on a global scale can create a more conducive environment for the cryptocurrency industry to thrive. It also signals a collective effort to strike a balance between fostering innovation and ensuring regulatory oversight.

Conclusion

South Korea's groundbreaking move to mandate the disclosure of cryptocurrency holdings in financial statements is a significant step towards transparency, accountability, and market integrity. By implementing these rules, South Korea takes a progressive leap in the global cryptocurrency landscape and sets an example for other nations to follow. This development is expected to enhance investor confidence, attract institutional participation, and promote responsible regulation. As the world watches South Korea's forward-thinking approach, the cryptocurrency industry moves closer to mainstream acceptance, unlocking new opportunities for innovation and sustainable growth.

#crypto2024 #crypto2023 #SouthKorea